The Riverside Company has made a minority investment in North American Dental Group, a provider of dental services and a portfolio company of ABRY Partners. ABRY first invested in North American Dental Group in May 2012 when it operated as Refresh Dental Holdings and the firm remains the majority owner of the company.
North American Dental Group (NADG) provides its dental services through a network of 70 clinics in Indiana, Michigan, Ohio and Pennsylvania. The group provides back office services to its affiliated dentists including insurance processing, marketing, information technology, and human resources. The company was founded in 2010 and is headquartered in New Castle, PA (www.nadentalgroup.com).
NADG has doubled in size since September 2014 and continues to grow with plans to be at 125 practices at the end of 2015. These practices are both branded and non-branded. Brand names include Refresh Dental, Corner Dental, Dental Express, Precision, and Dental Care. NADG has been an Inc. 500 company for the last two years improving its ranking from 441 in 2013 to 337 in 2014.
Riverside will work with ABRY and NADG’s management team to help the company continue to grow through add-acquisitions of additional dental practices. Other growth may come from new clinic launches and service expansions at existing locations.
“NADG is an exemplary dental service organization that has made a true commitment to quality of care,” said Riverside Partner Hal Greenberg. “The dental practice management industry continues to grow rapidly as both dentists and patients see the inherent value and convenience of the model, and we are excited to partner with a true leader in the space.” Working with Mr. Greenberg on the transaction for Riverside were Principal Jeffrey Gordon and Vice President Jay Reynolds.
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 390 transactions. Riverside is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
“We are excited to partner with Riverside in this investment,” said ABRY Partner John Hunt. “We have had a great, longstanding relationship with the Riverside team that made this investment and view them as a value-added partner.”
ABRY Partners invests in the media, communications, and business and information sectors. The firm is currently managing over $4.3 billion of total capital and investing out of a $1.9 billion private equity fund, $950 million senior equity fund and a $1.5 billion senior debt fund. ABRY was founded in 1989 and is headquartered in Boston (www.abry.com).
Capital Source led the senior credit facility financing for this transaction. KeyBanc Capital Markets acted as advisor to NADG.
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-11-15
